After Amgen announced it had received a Complete Response Letter from the FDA for Parsabiv for secondary hyperparathyroidisim, Piper Jaffray analyst Joshua Schimmer notes that the drug beat an approved treatment, Sansipar, in secondary PTH endpoints in a head-to-head Phase 3 trial. The analyst says it's unclear why the FDA issued the letter, but he notes that Amgen's drug had a higher rate of side effects. Schimmer says that Amgen plans to work with the FDA to resolve the issue, but he says that the company can offset the setback by acquiring "fairly derisked" biotech companies "at a reasonable price." The analyst keeps a $193 price target and Overweight rating on Amgen.